For imports into the United States, the new reciprocal tariff rate will be 15% on most goods. This new rate is a reduction from the 30% that Trump threatened on July 12 and the 20% he initially said he would impose on April 2. Section 232 tariffs of 50% on aluminum, steel, and copper will remain in place.
For US exports, EU tariff rates are 1.7% on US-manufactured processing and packaging machinery and equipment of HS codes 8422 and 8438. Elimination of industrial tariffs under this agreement will allow for US-manufactured machinery to benefit from the same duty-free access as goods coming from EU FTA partners (notably Canada, Japan, Korea, Mexico and the UK).
Japan: Last Wednesday, 23 July, President Trump truthed the announcement of a U.S.-Japan deal.
For imports into the United States, the new reciprocal tariff rate announced on 7 July of 25% has decreased to 15%.
For U.S. exports, the White House released a U.S.-Japan Strategic Trade and Investment Agreement Fact Sheet in which it notes that Japan will open its markets to autos, aerospace, industrial goods, energy, and agriculture/food. Given Japan’s tariff on US-manufactured processing and packaging machinery and equipment of HS codes 8422 and 8438 is already duty-free, we do not anticipate new benefits for PMMI members’ exports to Japan.
For imports into the United States, the new reciprocal tariff rate announced on 2 April of 32% has decreased to 19%.
For U.S. exports, Indonesia tariff rates are mostly 5% on US-manufactured processing and packaging machinery and equipment of HS codes 8422 and 8438. Elimination of industrial tariffs under this agreement will allow for US-manufactured machinery to benefit from the same duty-free access as goods coming from Indonesia FTA partners (notably China, Japan, and Korea).
In the coming weeks, the US and Indonesia will finalize the agreement and undertake domestic formalities to have the agreement enter into force.
Philippines: Last Tuesday 22 July 2025, President Trump announced on Truth Social a new deal with the Philippines in which the Philippines would completely open up its market for U.S. products. For U.S. exports, Philippines tariff rates are mostly free, and some 3% on US-manufactured processing and packaging machinery and equipment of HS codes 8422 and 8438. Elimination of industrial tariffs under this agreement will allow for US-manufactured machinery to benefit from the same duty-free access as goods coming from Philippines FTA partners (notably China, Japan, and Korea).
In return, the announced U.S. reciprocal rate increased from 17% in April to 20% earlier this month to the new rate of 19%. So, a net increase of 2% for imports from the Philippines. No Joint Statement yet released, and no details on timing.
Negotiations: On Monday, July 28, President Donald Trump said most trading partners that do not negotiate separate trade deals would soon face tariffs of 15% to 20% on their exports to the United States, well above the broad 10% tariff he imposed in April. The administration “will notify some 200 countries soon of their new “World Tariff” rate.
Updated tariff rates from letters sent by President Trump: As of 5 PM on 28 July, President Trump has not announced any additional letters to U.S. trading partners. Please find the latest on country tariffs below.
Please see below for the latest as reported by the press on trade negotiations between the United States and some countries seeking to reduce or avoid higher reciprocal tariffs on their goods.
China: US and Chinese officials are meeting Monday, July 28, to extend their tariff detente beyond a mid-August deadline, and haggle over other ways to further defuse trade tensions.
Brazil: Sunday, 27 July, it was reported that Brazil will double down on its commitment to the BRIC bloc, the Brazilian president’s top foreign policy adviser has said, a move that defies US President Donald Trump’s threats to impose punitive tariffs.
South Korea: Saturday 26, July, it was reported South Korea will prepare a trade package that is mutually agreeable with the United States ahead of minister-level meetings planned next week and a U.S. tariff-pause deadline of August 1, the presidential office said on Saturday.
India: On Friday, 25 July, it was reported that India is making "fantastic progress" in its trade deal talks with the US, Commerce Minister Piyush Goyal has said.
Malaysia: On Thursday, 24 July, it was reported Malaysia is seeking to lower US tariffs to less than 20% and is optimistic of reaching a deal ahead of the Aug. 1 deadline, according to Investment, Trade and Industry Minister Zafrul Aziz.
Taiwan: Wednesday, 23 July, Taiwan trade negotiators arrived in the US for talks aimed at clinching a trade deal with President Donald Trump's team and averting a threatened tariff.
The United Kingdom Seeks Exemptions on British Steel: On Friday, 25 July, it was reported that Prime Minister Starmer was expected to lobby President Trump to accelerate a final deal to cut tariffs on British steel. As of 2 pm Monday, 28 July, details of the meeting are forthcoming.
UK-India Free Trade Agreement: On Thursday, 24 July, India and the UK sealed a free trade agreement eliminating tariffs on products ranging from cars to alcohol. This is one of three trade deals that India is pursuing, putting additional pressure on concluding trade deal with the European Union and the United States.
